BEMO Bank’s Profits Swell to $8.9M by September

BEMO Bank recorded a 126.95% leap in net profits to $8.9M by September 2014, up from $3.94M during the same period last year. This leap is directly related to the 31.46% year-on-year (y-o-y) rise in Net Interest Income to $18.57M and the 15.22% y-o-y increase in Net Fee and Commission Income to $3.91M. These increases in income more than outweigh the 13.89% y-o-y increase in total expenses, which reached $19.20M by September 2014.

BEMO’s balance sheet reported a 1.45% year-to-date (y-t-d) decrease in total assets to $1.46B for the first three quarters of 2014. This contraction in total assets is related to the shrinking of deposits with banks and financial institutions by 33.87%, to $112.50M. Meanwhile, net loans and advances to customers at amortized cost rose by 10.09% since the start of the year, increasing to $670.69M.

On the liabilities side, customers’ deposits at amortized cost rose by 0.54% y-t-d to reach $1.18B at the end of September. In contrast, total shareholders’ equity dropped by 10.61% y-t-d to reach $124.97M, due to the delisting of their 2006 preferred shares in 2014.

Banque BEMO Financials by September 2014 (in $M)

Sep-14 Dec-13 %change
Total Assets 1,463.06 1,484.63 -1.45%
Net Loans and Advances to Customers 670.69 609.20 10.09%
Customers’ Deposits 1,176.29 1,169.97 0.54%
Shareholder’s Equity 124.97 139.81 -10.61%
Profit/Loss 8.95 3.94 126.95%
 Source: BSE News

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